Ridgewood may lose COAH money
Monday June 3, 2013, 1:49 PM
BY DARIUS AMOS
STAFF WRITER
The Ridgewood News
The Village of Ridgewood is at risk of forcibly surrendering every penny banked in its affordable housing trust fund, an account that as of last summer held roughly $195,000.
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A state Appellate Division injunction granted May 14 temporarily blocked the actions taken earlier this month by New Jersey’s Council on Affordable Housing (COAH). COAH officials established a May 22 deadline for the seizure of all unspent and uncommitted affordable housing dollars from New Jersey towns, according to Janice Mironov, president of the NJ League of Municipalities.
An estimated $142 million of affordable housing money has remained in the coffers of municipalities across the state since 2008.
Without the injunction, municipalities would have been forced to spend their affordable housing money, surrender their funds to COAH or argue the state’s claims that funds are unused by the deadline. The injunction stayed the seizure of funds until at least June 5, when the Appellate Division is expected to hold a hearing on the matter.
https://www.northjersey.com/news/209954501_Ridgewood_may_lose_COAH_money.html
Very old news.
cheap price to pay